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The state-owned Bharat Electronics Limited (BEL) has chalked out ambitious future plans to reach the target of $2 billion by year 2012. BEL aims to hike its exports as well as take advantage of the defence offset policy through joint ventures with international firms.
Currently, BEL has a good order book position as it has bagged a recent order for a missile system. Besides, BEL has sufficient orders for radar and naval systems and their strategic business units are churning out high productivity.
Ashwani Kumar Datt, Chairman and Managing Director of BEL said that the main focus areas will be exports business, defence offset business and contract manufacturing. As far as exports is concerned, BEL’s performance has been dismal as it managed $17 million this year. In the next three years, it should reach a value of at least $100 million, according to Mr.Datt.
The defence offset business has been good for BEL as it picked up $19 million offset business earlier this year for a naval fleet tanker from an Italian company. A similar order of $19 million this year is on the cards. BEL has already grabbed an offset order for LLTR Radar from Thales of France for about $16 million.
BEL has done some strategic long-term planning to attract overseas companies and fulfill contractual manufafturing duties. BEL has upgraded its seven strategic business units to AS 9100, an aerospace specification which is a primary requirement for overseas firms to show interest in a local firm and its product development capabilities. Hence, BEL is entering into the field of avionics and airborne systems and provide products at economical prices.
Currently, BEL is aiming to ink a joint venture before the end of this fiscal year. BEL officials said that they are in advanced talks with three-four companies in areas like missile electronics. As for the international companies, BEL is expecting orders for airborne electronic warfare systems from EADS, Thales and Selex. For fighter aircraft components, BEL expects orders from companies like Boeing, Lockheed Martin and Saab.
BEL’s current order book as on 1 November 2009 stands at $2.4 billion 12,200 crore and they expect to add another $560 million worth of orders during the next two quarters. BEL aims to end the financial year with a turnover of $1.04 billion, an increase of about 13 per cent from the last fiscal year.
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